Acacia pulls back from Bulyanhulu
Mining.comreports that Acacia Mining will reduce operational activity at theBulyanhulu Gold Mine in Tanzania. “The decision was driven by unsustainable cash outflows at the mine due to the concentrate ban and the operating environment,” officials said ina statement.
Acacia is in the midst ofa bitter disputewith the Eastern African country’s government, whose mining authorities imposed a ban on exports of unprocessed ore to encourage the construction of a local smelter. The move, which took place in early March, prompted a collapse of the London-listed firm’sstock value.